Q2 2022 EPS estimates for Synovus Financial Corp. (NYSE:SNV) boosted by DA Davidson
Synovus Financial Corp. (NYSE:SNV – Get Rating) – Equity researchers DA Davidson raised their second-quarter 2022 EPS estimates for Synovus Financial in a research report released Thursday, June 30. DA Davidson analyst K. Fitzsimmons now expects the bank to earn $1.14 per share for the quarter, up from its previous forecast of $1.13. Synovus Financial’s current annual earnings consensus estimate is $4.55 per share. Synovus Financial (NYSE:SNV – Get Rating) last announced its results on Thursday, April 21. The bank reported earnings per share (EPS) of $1.08 for the quarter, beating analysts’ consensus estimate of $1.03 by $0.05. Synovus Financial had a return on equity of 16.00% and a net margin of 35.38%. The company posted revenue of $498.50 million for the quarter, versus analyst estimates of $497.35 million. In the same period a year earlier, the company earned earnings per share of $1.21. Synovus Financial’s revenue for the quarter increased 2.7% compared to the same quarter last year.
SNV has been the subject of several other research reports. Wells Fargo & Company cut its price target on Synovus Financial shares from $70.00 to $65.00 and set an “overweight” rating for the company in a Friday, April 22 research report. Truist Financial reduced its price target on Synovus Financial from $56.00 to $50.00 and set a “buy” rating for the company in a Wednesday, June 15 research report. Piper Sandler reduced her price target on Synovus Financial from $61.00 to $60.00 and set an “overweight” rating for the company in a Friday, April 22 research note. StockNews.com began covering Synovus Financial shares in a research report on Thursday, March 31. They issued a “hold” rating for the company. Finally, Raymond James lowered his price target on Synovus Financial shares from $58.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday, April 22. Two research analysts gave the stock a hold rating and eight gave the company a buy rating. According to MarketBeat.com, the stock currently has a “moderate buy” consensus rating and an average price target of $57.28.
SNV stock opened at $36.05 on Friday. Synovus Financial has a one-year minimum of $34.15 and a one-year maximum of $54.40. The company has a 50-day moving average of $39.92 and a two-hundred-day moving average of $46.10. The company has a market capitalization of $5.24 billion, a PE ratio of 7.48, a P/E/G ratio of 2.33 and a beta of 1.42. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt ratio of 0.19.
Several hedge funds and other institutional investors have recently changed their positions in the company. Two Sigma Advisers LP acquired a new position in Synovus Financial during Q3 valued at approximately $518,000. Janus Henderson Group PLC acquired a new equity stake in Synovus Financial during the third quarter at a value of $655,000. Moors & Cabot Inc. acquired a new stake in Synovus Financial in the third quarter worth approximately $203,000. Jefferies Group LLC acquired a new position in Synovus Financial in the third quarter worth approximately $242,000. Finally, Gradient Investments LLC increased its stake in Synovus Financial by 0.5% during the fourth quarter. Gradient Investments LLC now owns 284,572 shares of the bank worth $13,622,000 after purchasing an additional 1,530 shares in the last quarter. 79.53% of the shares are held by institutional investors.
In other Synovus Financial news, Director Joseph J. Prochaska, Jr. purchased 1,000 shares of the company in a trade dated Tuesday, May 10. The shares were purchased at an average price of $41.38 per share, for a total transaction of $41,380.00. Following the completion of the acquisition, the director now owns 31,109 shares of the company, valued at $1,287,290.42. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Additionally, Chief Financial Officer Andrew J. Jr. Gregory purchased 2,000 shares of the company in a trade that took place on Wednesday, April 27. The shares were acquired at an average cost of $42.73 per share, with a total value of $85,460.00. Following the completion of the acquisition, the CFO now directly owns 29,196 shares of the company, valued at $1,247,545.08. Disclosure of this purchase can be found here. 1.55% of the shares are currently held by insiders.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 1. Shareholders of record on Thursday, June 16 will receive a dividend of $0.34 per share. This represents a dividend of $1.36 on an annualized basis and a dividend yield of 3.77%. The ex-dividend date is Wednesday, June 15. Synovus Financial’s payout ratio is 28.22%.
About Synovus Financial (Get a rating)
Synovus Financial Corp. operates as a bank holding company for Synovus Bank which provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking and Financial Management Services. The Company’s commercial banking services include cash management, asset management, capital market and institutional trust services, as well as commercial, financial and real estate lending.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Synovus Financial right now?
Before you consider Synovus Financial, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Synovus Financial wasn’t on the list.
While Synovus Financial currently has a “moderate buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here